West Virginia University Foundation Inc

“Annually, the members of the audit committee of the board of directors of the organization review the form 990 after completion of the form by management with the assistance, guidance, and review of the independent accounting firm. The members each receive a complete copy of the form 990 and all schedules prior to the meeting so that they have an opportunity to review. During the meeting, the accounting firm and management staff review the return and answer questions. Items requiring further review or additional information are noted and changes are made to the return. Additionally, prior to filing the form 990, the audit committee reports its review to all members of the board of directors and a copy of the form is made available to all members of the board.”

“Annually, each employee and board member is asked to review the organization's conflict of interest policy. The individual then must complete and sign a conflict of interest policy form. Completed employee forms are submitted to the organization's director of human resources, while the completed board member forms are submitted to the organization's president. All forms received by the director of human resources and the organization's president are reviewed and evaluated. Any actual or possible conflicts of interest and related conclusions are reported by the president and ceo, annually, to the audit committee of the board of directors. The policy addresses the following situations: 1) the names of any persons who disclosed or otherwise were found to have an actual or possible conflict of interest, the nature of the interest, any action taken to determine whether a conflict of interest was present, and the decision as to whether a conflict of interest in fact existed. 2) the names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the transaction or arrangement, and a record of any votes taken in connection therewith. The president and ceo shall consult with the chairman of the board and the executive committee as appropriate. If a conflict of interest is determined to exist, the individual may not participate in any discussion of, or decision regarding, the transaction or arrangement being considered.”

“Determination of the ceo's compensation is made as follows: the compensation & management development committee of the organization's board of directors evaluates the ceo's performance and receives comparative compensation and benefit data. Data sources include surveys from comparable organizations collected and compiled by an independent compensation consultant reporting to the compensation committee of the board of directors. The data provided to the committee includes, when available, information about the size of the organizations in the comparison and the tenure of the employees. The compensation committee develops a recommendation, meeting in executive session, the board of directors receives the recommendation from the committee, discusses the recommendation, and accepts or amends the recommendation made by the committee. The board of directors evaluates the ceo's performance and then passes a resolution setting the ceo's annual compensation and benefits package. Minutes are maintained on a concurrent basis by the committee and the board. Determination of other officers and key employees' compensation is made as follows: the organization's president and ceo evaluates each vice president's performance and obtains and/or compiles comparative compensation and benefit data from the independent consultant. Based on this information, he/she makes his/her recommendation for each vice-president's annual compensation. The comparative data and the president's recommendations are reviewed and approved by the compensation committee of the organization's board of directors.”

“The organization makes its governing documents and conflict of interest policy available upon request and financial statements are posted on the organization's web site.”

“Revaluation gains -2,479,496.”

“No change from prior year.”